GVH fines 3 local banks for Ft 37 mln

bbj.hu

Thursday, September 20, 2007, 16:42

The Hungarian competition authority (GVH) has fined three commercial banks in Hungary a total of Ft 37 million ($205,361) for misleading advertising of their credit cards, authority said in a statement.

All three banks were found guilty of giving misleading information to customers regarding the interest-free period offered on their credit cards. GVH is currently investigating five other banks regarding their credit card advertisements, the release said. (cnn.com)

Turnover via electronic payment methods continued to rise strongly in 2017, according to data released on Monday by the National Bank of Hungary (MNB). The payment card acceptance network grew by 25%, while 83% of POS terminals supported contactless payment.

Toy stores expect record revenues this year in the Easter period, according to distributors. Although web store revenues are growing, most parents are still buying Easter presents in traditional stores.

Hungarian shipping company Mahart Zrt. will soon call a public procurement tender for the construction of a HUF 2.2 billion liquefied natural gas (LNG) terminal at the Port of Csepel on the Danube in the south of Budapest, business daily Világgazdaság reported on Monday.

In a surprise move, the National Bank of Romania has rejected a request for approval by the Romanian unit of Hungaryʼs OTP Bank to acquire 99.28% of Banca Românească from the National Bank of Greece, the lender said in a disclosure posted on the website of the Budapest Stock Exchange (BÉT) early on Monday.

Revenues of the local unit of German automobile manufacturer Audi edged up 1% to EUR 7.136 billion in 2017. Capital expenditures were up 45% at EUR 442 million last year, while the local unitʼs headcount climbed 5.8% to 12,307.

The National Bank of Hungary (MNB) allocated HUF 50 billion of its monetary policy interest rate swaps (MIRS) designed to flatten the yield curve at a tender on Wednesday, state news wire MTI reported.

The Monetary Council of the National Bank of Hungary (MNB) said it would continue to use its extended set of monetary policy instruments, without making any mention of future "fine-tuning," in the minutes from its policy meeting on February 27.

Manuscripts by the 19th century Hungarian composer Ferenc (Franz) Liszt, long thought lost, have been returned to the Liszt Memorial Museum and Research Center after being discovered in a private collection. The music is closely related to Hungary and the Revolution of 1848.

Erbslöh Hungária, a unit of German automotive group WKW, will spend HUF 14 billion to build a 1,500 square-meter production hall and install new surface treatment technology, increasing capacity, in Győr (121 km northwest of Budapest).